Sempra Energy issued the following announcement on Feb. 26.
Sempra Energy (NYSE: SRE) announced that the U.S. Bankruptcy Court for the District of Delaware (Bankruptcy Court) has confirmed the plan of reorganization for Energy Future Holdings Corp. (EFH) and provided its final approval for Sempra Energy’s agreement to acquire EFH, and its indirect, approximate 80-percent ownership interest in Oncor Electric Delivery Company LLC (Oncor).
Approval by the Public Utility Commission of Texas (PUCT) is the final major regulatory milestone before the transaction can be completed. The PUCT is expected to consider an order approving Sempra Energy’s and Oncor’s joint Change-in-Control application as early as March 8. If approved by the PUCT, Sempra Energy plans to close the transaction soon thereafter.
“Today’s action by the Bankruptcy Court paves the way for EFH to end its long-running bankruptcy case and advances our proposal to acquire a majority stake in Oncor to the final stage,” said Debra L. Reed, chairman, president and CEO of Sempra Energy.
Headquartered in Dallas, Oncor is a regulated electric transmission and distribution service provider, made up of approximately 134,000 miles of lines and more than 3.4 million advanced meters, making it the largest utility in Texas. Using cutting-edge technology, more than 3,900 employees work to safely maintain reliable electric delivery service to over 10 million Texans.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies’ more than 16,000 employees serve approximately 32 million consumers worldwide.
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